ARVL - Arrival falls after reportedly putting the brakes on electric bus and car projects

Arrival ( NASDAQ: ARVL ) slid in early trading on Friday morning after Financial Times reported the U.K. electric vehicle maker will pause its bus and car projects in order to save costs.

Sources indicated that Arrival ( ARVL ) will focus on the production of its electric van and will consider restarting electric car development in the future when revenue is streaming in.

Arrival ( ARVL ) is reported to have a goal to cut costs by 33%. About 800 jobs out of ARVL's workforce of 2,700 are believed to be at risk.

Shares of Arrival ( ARVL ) fell 6.94% premarket to $1.68 vs. the 52-week trading range of $1.29 to $17.99.

Arrival ( ARVL ) is due to report earnings on August 11.

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